November 30, 2021

The Catholic Transcript

Complete News World

GDP, inflation and unemployment: see economic data from the G20 countries

GDP, inflation and unemployment: see economic data from the G20 countries

summit of the so-called G20. Leaders from 19 countries and the European Union are meeting in Rome, Italy to discuss environmental and those related to the COVID-19 pandemic.

According to the G20 itself, the organization currently accounts for 80% of GDP (Start) of the planet, 75% of world trade and 60% of the population.

Despite this, each country has its own characteristics when it comes to unemployment, GDP, inequality or inflation. NS CNN Brasil Business The economic data for each of the G20 members, as well as the forecasts of the International Monetary Fund (IMF) were collected.International Monetary Fund) for 2021 made in October of this year.

You can view the data for each country separately by clicking on the name at the top of the graph.

Start

One of the most traditional indicators of the economy is Start (Gross Domestic Product) represents the total wealth produced in a country in a given period. Gross domestic product is usually calculated quarterly and annually, which shows a country’s performance and economic situation.

Even with the largest economies on the planet represented, there are significant internal differences in the G20. The three members with the highest GDP are United State (20.893 trillion USD in 2020), the European Union (15.263 trillion USD) and China (14,866 trillion US dollars), according to data from the International Monetary Fund (IMF) in 2020.

The smallest GDP is those of Argentina (US$389 billion), Saudi Arabia (US$700 billion) and South Africa (US$335 billion).

Per capita PIB

Once the GDP is calculated, it can be divided by the country’s total population, giving rise to a new indicator: GDP per capita. It gives an indication of what the “average income” of the country will be.

See also  World's Oldest 107-year-old Japanese Identical Twins Say Book of Records | Globalism

However, this does not mean that all the population gets a value close to it, because issues of inequality affect this income distribution. Demographic issues, such as population size, also end up affecting the index.

The United States leads the ranking, with $63,358,000 in 2020, followed by Australia. Already at the bottom is India, amounting to 1,229 thousand US dollars. Brazil is among the five countries with the lowest GDP per capita.

inflation

Many still see him as the biggest villain of the economy, and inflation It represents the rise in prices in a country during a certain period. High inflation reduces the purchasing power of the population and can lead to an economic crisis.

At the same time, if there is not inflation, but rather severe deflation (low prices), the economy may contract.

Within the G-20, the most prominent features of negative inflation rates, ie deflation, are Kingdom Saudi Arabia (-2.09% in 2019, the last year the IMF had access to the data) and Japan, which were already known for long deflationary periods.

currently , Argentina It has the highest inflation rate in the G20 (42.02% in 2020), but the IMF did not calculate inflation in 2014, 2015 and 2016, nor did it release forecasts for 2021. Turkey (12.28%). If the IMF’s forecast is confirmed, then Brazil will presumably take third place in 2021 with 7.7%.

The unemployment

Another important indicator for any country is the rate The unemployment. It refers to the part of the population that is willing to work, is looking for work or is able to work, but is unemployed.

See also  Jewish authorities demand "clarification" of Pope Francis' speech

Within the G20, the country with the highest unemployment rate is South Africa (24.88% in 2020), followed by Italy (10.91%) and France (9.77%).

Since the IMF’s calculation methodology differs from the one used by the Brazilian Institute of Geography and Statistics (IBGE), the unemployment rate reported by the institution, at 7.13%, differs from the official rate in the country, which is at 13.2% through August 2021.

Gross debt

Often, the state does not have the money to bear a certain cost, or it needs additional funds to implement a planned project. In such cases, the government takes a loan, and incurs debts.

The most common way of calculating this debt relates to GDP, where it is said that a country, for example, has debt equal to 130% of GDP.

In these cases, the so-called aggregate debt is considered, that is, everything that the state needs to pay off. The indicator is usually a reference to rating agencies, which determine the attractiveness of investments in a country.

The largest total debt of the G20 is Japan, reaching 254.13% of GDP in 2020. It is followed by Japan Italy and the United States. Russia and Saudi Arabia have the lowest total debt, at 19.28% and 32.54%, respectively. In August of this year, the Brazilian government’s total debt Equivalent to 82.7% of GDP.

inequality

If per capita GDP is not the best way to measure inequality In what country is it then? With this in mind, the Gini index appeared.

It ranges from 0 to 100, and the closer to 100, the greater the inequality in the distribution of wealth in a country, i.e., few people own a large proportion of the country’s wealth.

See also  Covid: Why the law making vaccination mandatory for suspended company employees in the US

The index is not calculated annually in all countries, which makes comparisons difficult. The last year in which calculations were made that included most of the G-20 countries was 2014. The indicators for Japan (32.9 points in 2015) and India (35.7 points in 2011, the last measurement) were not calculated that year.

a Kingdom Saudi Arabia It does not report the data needed to calculate the index, as the European Union does. Based on 2014, South Africa has the most inequality, followed by Brazil, Mexico, Argentina, and the United States. Germany, France, South Korea and Canada have the best numbers.

* Under the supervision of Tamara Kaoru